IPO: ICICI Lombard General Insurance Company Limited
Company & Business Profile
Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second largest bank and Fairfax Financial Holdings Limited- a financial services company based in Toronto. ICICI bank had 64% stake in the venture while Fairfax had 35% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India.
ICICI General’s Gross Written Premium (GWP) was Rs. 109.60 billion in fiscal 2017. The company maintained its market leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy volumes by 12.21% from 15.80 million in fiscal 2016 to 17.73 million in fiscal 2017. ICICI General’s profit before tax increased from Rs. 7.08 billion in fiscal 2016 to Rs. 9.10 billion in fiscal 2017. ICICI General’s profit after tax increased from Rs. 5.07 billion in fiscal 2016 to Rs. 7.02 billion in fiscal 2017. In fiscal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of Rs. 172.25 billion. Following the transaction, the share ownership in ICICI Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and 35%, respectively.
Objects of the Issue:
- To achieve the benefits of listing the equity shares of the company on the stock exchanges.
- To carry out the sale of up to 86,247,187 equity shares by the selling shareholders.
- Enhance the “ICICI Lombard” brand name and provide liquidity to the existing shareholders.
Listing:
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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